Outsourcing - Handle With Care
In his column, Fire Wire, John Tredennick, writes the most extensive and articulate article on the subject of outsourcing I've read.
iPhone hacked and unlocked
News just hit that the iPhone has been hacked and unlocked! You weren't supposed to be able to do this --- guess what? A 17 year old kid did!
Terry L. Brock tells us the story of George Hotz of New Jersey and then extrapolates some principles from George's persistence in breaking the iPhone code.
What will this mean for users? Ability to get to other phone companies, not just AT & T? Will this affect the privacy and confidentiality issues uppermost in conversation of lawyers? Will there still be an expectation of privacy when lawyers use the iPhone?
While the legal issues may be argued in court, the market place will make many decisions for users as well as Apple, the manufacturer.
Associate lawyer compensation: Have we yet hit the vomit point?
Many years ago, a good friend of mine said that the problem with aging is that we’re mired in history rather than focusing our perspective on today.
Thus, today's article in The American Lawyer by David Brown may shock those of us who are over the age of 30!
He talks about the “paycheck report,” a survey of “mid-level” associate compensation. Associates’ paychecks exceed $200,000 per year and, in some instances, reach $350,000!
Ed Interviews Debbie Epstein, founder and principal or Flex-Time Lawyers LLC
In this interview, Ed speaks with Debbie Epstein about diversity in the law firm with specific focus on gender issues. Debbie is the founder and principal of Flex-Time Lawyers LLC, who helps law firms address gender issues -- specifically, how to retain women in their ranks. Women, in many of the top ranked law schools, comprise more than 50% of the graduating classes, and have for quite a few years. Yet, this percentage is not reflected as law firm partners, management or committee members. What is the reason for this and why is it important?
25 minutes, 35 seconds
6.0MB
Legal Management Week is coming
Professional Legal Management Week is coming .... October 1 - 5.
Celebrate with your staff and those in your office who make it possible for you to focus your attention on the practice of law and the meaningful connection with your clients.
Legal fees rising to vomit point
According to NALP, 14% of law school graduates earn $135,000 (now $160,000) starting compensation. 42% earn $55,000 or less.
This is consistent with statistics that show experienced lawyers earning less than the public believes lawyers earn: 50% at less than $100,000 and 25% at less than $50,000!
Thus, lawyers are "between a rock and a hard place!" The public believes that figures reported in the Wall Street Journal of August 22nd to the effect that lawyers are now charging $1,000 per hour is the norm or standard. Yet, only a few lawyers are commanding that fee level, and then only in the "bet the company" kind of cases. Commoditized work cannot command that rate. Even in extraordinary matters, that rate approaches what one New York law firm partner said is clients' "vomit point."
Law firms impacted by current credit crunch
I was asked if the current credit crunch/crisis is affecting law firms.
My response was that the credit crunch, I think, is somewhat artificial … and folks that are being hurt are ones that extended themselves too far in the first place without a safety net …. Or ones whose business just evaporated without warning (although there usually is some kind of warning if observant).
Ed Interviews Thom Singer, author of Some Assembly Required, 2nd edition and The ABC's of Networking
Thom Singer, author of Some Assembly Required, 2nd edition. and The ABC's of Networking, is Ed's guest today. In this fast-paced interview they discuss practice development techniques and increasing your connections by using networking principles.
22 minutes, 01 seconds
5.2MB
Financial planning for law firms
At the ABA conference in San Francisco last week, I had the pleasure to moderate an outstanding panel of experts about the financial management of their firms and their "best practices." The panel consisted of Bob Hirshon, CEO of Stoel Rives in Portland, OR (and former ABA president); Marcia Wasserman, COO of Nossaman Guthner Knox & Elliott; Larry Kleinberg, CFO of Munger Tolles & Olson; and Ron Yano, CFO of Loeb & Loeb.
Reid Trautz mentioned his observations from our panel:
"From a terrific panel of firm financial managers moderated by Ed Poll, comes these interesting ideas:
- Firms are taking advantage of the new check scanners offered by some banks to more quickly and securely deposit client checks.
- More firms are closing their billing on the 25th day of each month to get their bills into the "first of the month" billing cycle of clients--both businesses and individuals.
- Law firms are putting more pressure on partners to collect bills sooner (nothing new there!), but they are using automated e-mail and other added technology features now available in many time & billing programs to keep the pressure on, well, automatically!
- Larger firms are doing more to ensure that each new client matter has a signed representation letter or agreement before starting any work. This is a smart practice, and is just one area where large firms tend to lag behind smaller firms."
Lawyers can learn how to use the speaking platform
National Speakers Association, Los Angeles chapter, is offering a great week-end of learning and fun. Learn how to use the speaking platform to enhance your revenue, to take your practice to the next level of success and to be more effective with your clients.
What's in it for you? There are many reasons, but here are three:
- Enhance you uniqueness in business strategy and leadership to enhance your bottom line.
- Learn the 6-step formula for proven goal setting and high achievement, plus how to have more fun and take your practice to the next level.
- Discover five simple questions you can ask informally that can teach you so much about other people and make them feel important.
Law IS a Business
In a recent blog post, I suggested that it was o.k. for lawyers to seek profit. One justification that I didn't suggest, however, becomes very clear when you look at state bars disciplinary reports: Clients' trust accounts are invaded by economically marginal lawyers (exclude out and out theft from this discussion, a rare event). Thus, when we encourage lawyers to be business-wise, we are actually seeking to protect the public.
Being effective with clients, efficient in the delivery of services to clients and therefore more profitable, we are actually protecting the public by providing sufficient resources to the lawyer to feed his/her family and therefore have no need to invade the trust account funds.
To say that law is a business, a service business, is not to deny that it is also a profession rooted in the highest ideals from the very beginning of our country.
Continue Reading...Ed Interviews Scott Simmonds, Insurance Consultant for Buyers
Today Ed Interviews Scott Simmonds, an insurance consultant for buyers and lawyers. Scott talks about common mistakes that lawyers make when buying both general business and professional liability insurance. He also provides some key clues on how to improve not only your purchasing power but also your coverage.
Scott was a general agent for 20 years and has consulted with buyers for the last 7. While he works out of Maine, his consulting is national in scope.
Listen now for ideas on how to reduce your overhead and increase your protection.
33 minutes, 47 seconds
Law firm marketing: Seek benefits to clients, not features of the lawyer!
Tom Kane asks us to do something which most of us can't: " ... Think about the unique legal features your practice offers clients ... "
Lawyers have a very difficult time truly understanding what we (lawyers) provide to clients. Clearly, this is not easy for most of us. Saying "we provide solutions" is not sufficient.
Because of this, it is difficult to differentiate ourselves from the other 1 million lawyers in this country! As the legal profession matures and lawyers come to fully understand the business-like qualities of professional service providers, being able to state the differentiation in ways clients understand may be one key to economic survival.
Blogging posts - Where does your city rank?
USA TODAY Snapshots tells us, in today's edition, that certain cities blog more than others. I'm not sure how they get this information, but the number of posts per 100,000 residents in March and April are the following:
Boston 89
Philadelphia 88
Pittsburgh 53
Washington 51
Portland, OR 49
I'm surprised that Western cities (further south of OR) aren't on the list and, with all the politicians in the area, why Washington didn't rate higher ...
But, it takes a blog to talk about the blogging list, right? :-)
LawBiz® Blog Increases Lawyers Revenues and Profits -- Now Live!
Press Release
Contact: Ed Poll
800-837-5880
edpoll@lawbiz.com
Immediate Release August 8, 2007
Edward Poll, principal of LawBiz® Management Co., announces that LawBiz® Blog has gone live! As of today, the complete redesign of the Blog site is active.
Blogging for Aquarians!
Today's LA Times astrological forecast fir Aquarius says:
"As long as you're on a personal improvement kick, you may as well be recording it in some fashion. Blog it.... "
So, it seems we now have permission from the heavens to blog, to share and to collaborate. Let's blog!
Law Blogs have arrived!
Blogs by and for lawyers have arrived, or said slightly differently, have reached the "tipping point." After all, if the establishment, American Bar Association, can create a directory of blog/blawgs, right on the home page of its Journal, then we've arrived. And, I'm pleased to say that LawBiz Blog has received mention in this listing.
Profit is a legitimate goal for lawyers
It seems that the argument about the distinction between law as a business and law as a profession hasn't yet died. David Bilinsky shares a comment about a new book by David Slayton, entitled Lawyers Gone Bad: Money, Sex and Madness in Canada’s Legal Profession.
Blogs gathered together
BlawgWorld 2007 is a free eBook featuring "77 thought-provoking essays from 77 of the most influential blawgs."
I'm pleased to say we were included.
Law Firm Staff: Warning, your printer may be hazardous to your health!
Amber Dance, an LA Times staff writer tells us that the “... laser printer sitting on your desk could be emitting high levels of potentially hazardous particles ...” according to a study published today. “Some printers released almost as many ultra-fine particles as a smoldering cigarette, the study authors said.”
“‘Particles have been shown beyond any doubt to be a health hazard,’ said study author Lidia Morawska, a physicist at Queensland University of Technology in Australia.”
HP LaserJet and Ricoh fared well in the study. But HP, for example, had non-emitters in eight HP LaserJet 4050 series printers, while having high emitters in their LaserJet 1320 and 4250, “which, when printing, increased the particle number in the air more than tenfold.”
We're live!
We've gone live today! This is our first post with our new design.
For those who've been following my writing ... and seen our earlier design ... I'd welcome your thoughts and comments.
And for those who are coming to us for the first time, I'd welcome your thoughts on our new design as well.
